Section 31
Defects in appointments not to invalidate acts, etc.
The Export-Import Bank of India Act, 1981
About this Act
An Act to establish a corporation to be known as the Export-Import Bank of India for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for co-ordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country s international trade and for matters connected therewith or incidental thereto.
(1) No act or proceeding of the Board or
of any committee of the Exim Bank shall be questioned on the ground merely of the existence of any
vacancy in, or defect in the constitution of, the Board or the committee, as the case may be.
(2) No act done by any person acting in good faith as a director shall be deemed to be invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.
(2) No act done by any person acting in good faith as a director shall be deemed to be invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.